It is Ch 7, not 11. I hope they don't stop paying dividends.
Item 1.03 Bankruptcy or Receivership.
On February 17, 2009, Platinum Research Organization, Inc. (the “Company”) and its limited partnerships PRO Operations, L.P. and Platinum Intellectual Property, L.P. filed voluntary petitions in the United States Bankruptcy Court for the Northern District of Texas (Case Number 09-30977-SGJ-7), seeking relief under Chapter 7 of Title 11 of the United States Code. On February 17, 2009, the Bankruptcy Court appointed Daniel J. Sherman as Chapter 7 trustee in connection with these filings.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The disclosure under Item 1.03 above is incorporated herein by reference.
Effective upon the filing of the Chapter 7 petition, on February 17, 2009, all of the Directors of the Company resigned their respective Director position with the Company. These directors are John T. Jaeger, Jr., T. Allan McArtor, Michael McMillan and Thomas G. Plaskett. Also on February 17, 2009, Mr. Jaeger resigned as President and Chief Executive Officer of the Company and as an officer and director of the Company’s subsidiaries. Additionally, Mr. Plaskett resigned as a director of the Company’s subsidiaries. On February 17, 2009. David Hart, Senior Vice President and Interim Chief Financial Officer and Secretary also resigned as an officer of the Company and its subsidiaries.
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